Latest news with #Bitcoin2025
Yahoo
03-07-2025
- Business
- Yahoo
IMF Rejects Pakistan's Proposal to Subsidize Power for Bitcoin Mining: Reports
The International Monetary Fund (IMF) has rejected Pakistan's repeated proposals to provide subsidized electricity to bitcoin (BTC) mining and other energy-intensive industries, according to reports. Secretary of Power Dr. Fakhray Alam Irfan said that the IMF was concerned about market distortions in a session with the Senate Standing Committee on Power on Thursday. The government had planned to allocate 2,000 megawatts from its 7,000 MW electricity surplus to crypto mining at rates of 23-24 pakistani rupee ($0.08) per kilowatt-hour (kWh). However, the IMF remained unconvinced, warning that such incentives resemble tax holidays that often undermine market efficiency. The IMF questioned how the government would transition the subsidized electricity back to market rates and argued that similar concessions had failed to deliver results in the past. Originally pitched in September 2024 as a six-month marginal cost tariff package, the plan was scaled back to three months under IMF pressure. A follow-up targeted subsidy proposal in November was also rejected. Dr. Irfan added that the government were still in talks with international institutions to refine the plan. Pakistan's government unveiled plans to establish a strategic bitcoin reserve and support BTC mining in May inspired by the plans of President Donald Trump's administration in the U.S. The country's Minister of State for Blockchain and Crypto cited the possibilities of giving the 100 million unbanked Pakistanis the tools for saving and investment as a motivation for the government's plans. "We want them to break their economic classes. And I really believe that crypto and blockchain can help us take that quantum leap,' Bin Saqib said at the Bitcoin 2025 conference in Las while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
IOL News
30-06-2025
- Business
- IOL News
The impact of bitcoin 2025 on Africa's financial future
In regions where banks are not viable due to economic instability or infrastructural challenges, cryptocurrency presents a transformative solution. Image: File THE recent Bitcoin conference that was held in Las Vegas in the US from of May 27 to 29 made history as the White House openly embraced cryptocurrency, with Senator JD Vance declaring: 'Crypto finally has a champion in the White House.' This unprecedented political endorsement signals a watershed moment and a shift in mainstream financial policy, showcasing cryptocurrency's accelerating global adoption, with discussions ranging from institutional investment to regulatory frameworks. While global attention focused on US and European developments at Bitcoin 2025, Africa's crypto economy has been quietly booming. Nigeria, Kenya and South Africa now rank among the world's top adopters of peer-to-peer crypto trading. In fact, Chainalysis reports that South Africa alone saw more than $1.2 billion (about R21bn) in crypto transactions in Q1 2025, a 40% increase year-over-year. This growth comes despite regulatory uncertainty about Crypto, proving the technology's organic demand against all odds. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ As the Donald Trump administration pushes aggressive pro-crypto policies aimed at establishing US dominance in digital assets, Africa faces a crucial challenge, particularly in developing regulatory frameworks around crypto crime trends, Crypto can function side by side with traditional banks. With more than 13 years in financial services, specialising in derivatives, fintech, and regulatory compliance, I have also witnessed firsthand the limitations of traditional banking in Africa. Millions of people remain unbanked, relying on cash economies, while others face exorbitant fees, slow transactions, and limited access to credit. In regions where banks are not viable due to economic instability or infrastructural challenges, cryptocurrency presents a transformative solution. Africa's financial exclusion crisis is well-documented. According to the World Bank, nearly 60% of Africans lack access to formal banking. Yet, mobile money, pioneered by platforms such as M-Pesa, has shown that digital financial solutions can thrive where traditional banks fail. Crypto takes this a step further by offering: - Borderless Transactions: Remittances, a lifeline for many African families, often come with high fees. Crypto slashes costs and speeds up cross-border payments. - Financial Inclusion: With just a smartphone, users can access decentralised finance (DeFi) platforms, savings, and lending services, bypassing brick-and-mortar banks. - Hedge Against Inflation: In countries like Nigeria and Zimbabwe, where local currencies fluctuate wildly, stablecoins and Bitcoin provide a store of value. However, the big question is: Can crypto outgrow politics and gain legitimacy among established banks? The Regulatory tightrope, balancing innovation and control, has been one of the biggest criticisms of crypto, in particular the perceived use by criminals to bypass financial laws. However, this is not an inherent flaw of blockchain technology; it's a challenge of regulation. As someone who has navigated complex financial regulations across Africa, from traditional banking to Crypto, I believe smart policies can mitigate risks without stifling innovation. South Africa's Financial Sector Conduct Authority (FSCA) has already taken steps by declaring crypto a financial product, bringing it under regulatory oversight. Other African nations should follow suit with clear, balanced frameworks that: - Prevent Illicit Activity: Mandating KYC (Know Your Customer) and AML (Anti-Money Laundering) compliance for exchanges. - Protect Consumers: Ensuring transparency in crypto projects to prevent scams. - Encourage Institutional Adoption: Partnering with banks to integrate crypto services, bridging the gap between decentralised and traditional finance. As the US positions itself as a crypto hub and the Trump administration signals support for digital assets, should Africa not also act swiftly, or risk becoming mere spectators in this financial revolution? Or worse, a dumping ground for unregulated, speculative schemes. The reality is that crypto is here to stay. The question is whether Africa will harness its potential or let fear dictate its financial future. Banks and crypto need not be adversaries. The future lies in collaboration, where decentralised finance complements traditional systems, extending services to the unbanked and underbanked. As a philanthropist deeply invested in women's economic empowerment, I have seen how financial exclusion perpetuates poverty. Crypto can change that. But for it to succeed, African governments, regulators, and financial institutions must act now, before the world moves forward without us. * Sebaga Matabane is a seasoned financial executive and derivatives expert. A passionate advocate for financial inclusion, she is also the founding patron of the Give to Live Foundation, which supports abused women and children across Africa. ** The views expressed here do not reflect those of the Sunday Independent, IOL, or Independent Media. Get the real story on the go: Follow the Sunday Independent on WhatsApp.
9 News
16-06-2025
- Business
- 9 News
Trump taking on Apple with his own phone company
Your web browser is no longer supported. To improve your experience update it here The Trump Organisation is licensing the Trump name for a new wireless mobile phone service that is being marketed to the president's supporters and puts the brand in competition with major US carriers such as AT&T and Verizon and smartphone makers such as Apple and Samsung. "A big part of what we've done … has been focused on technology for people who have been underserved, whether that's been in crypto or anything else, but one of the places where we felt there was lackluster performance was in the mobile industry," Donald Trump Jnr said at an event at Trump Tower in New York. A website for the project advertises a $US47.45 a month plan, an apparent reference to President Donald Trump's terms as the 47th and 45th president of the United States. Donald Trump Jnr and Eric Trump at the Bitcoin 2025 conference in Las Vegas in May. (CNN) The Trumps emphasised the new mobile company's focus on American-made devices — a gold-hued "T1" smartphone was available for pre-order Monday for $499 — and US-based services. "You're not calling up call centres in Bangladesh," Eric Trump told Fox Business . "You're doing it right out of St Louis, Missouri." "With Trump Mobile, we're going to be introducing an entire package of products," Trump Junior said, including telemedicine, roadside assistance and unlimited texting. The White House has denied any suggestions that the president is using his name to profit. (AP) The announcement, timed to coincide with the 10-year anniversary of the day Donald Trump took the golden escalator down to announce his 2016 presidential run, marks the latest expansion of the Trump family business into tech, cryptocurrencies and media. The vast and growing scale of the Trump family businesses — which include long-held real estate and casino holdings along with more recent forays into digital finance and branded items — has deepened concerns about the president's willingness to flout ethical conventions while in office. The White House has repeatedly denied any suggestion of impropriety. Press secretary Karoline Leavitt has previously said it was "ridiculous" that anyone would suggest Trump is "doing anything for his own benefit" and that the White House holds itself to the "highest of ethical standards". The Trump Organisation is the main holding company for President Trump's private businesses, and it is run by his eldest sons, Eric and Donald Jnr. The mobile service will work with all three major wireless carriers, the Trump Organisation said. World Donald Trump USA Technology CONTACT US
Yahoo
13-06-2025
- Business
- Yahoo
Peter Schiff Says He'd Admit He Was Wrong On Bitcoin If He Wakes Up In A World Where...
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Economist Peter Schiff said in a recent interview that he would admit being wrong about Bitcoin (CRYPTO: BTC) if the world wakes up to a 'hyper Bitcoinization' scenario. What Happened: During an interview that aired Monday, Schiff was asked about what it would take for him to drop his long-standing skepticism and start buying into the apex cryptocurrency. 'I haven't bought it yet, and it's gone from practically nothing to $100,000. So if that hasn't convinced me, what's going to convince me?' the Bitcoin skeptic replied. Trending: New to crypto? on Coinbase. For the sake of argument, Schiff then envisioned a Bitcoin utopia. 'I suppose what everybody is saying is one day we're going to wake up in hyper Bitcoinization and Bitcoin is going to be money. There won't be any more dollars or any more euros or any more yen.' He added that if he woke up in such a world where everything, from insurance to bonds, is priced in Bitcoin, he would have to admit that he was wrong about Bitcoin. 'i guess if I wake up in that world, I'd have to admit that I was wrong.' 'I just don't believe that that's ever going to happen because we're no closer to that now than we were 10 years ago,' Schiff was quick to add. He said Bitcoin is being used more for 'gambling' than as a medium of exchange. Why It Matters: Schiff's views on Bitcoin have been a topic of debate in the cryptocurrency community. He has consistently claimed that the leading cryptocurrency lacks intrinsic value and is destined to fail. Earlier this year, he referred to Bitcoin as a "digital risk" and predicted that the financial turmoil of 2025 could mark its end. Interestingly, Schiff said in a recent podcast that his teachings on economics inadvertently led many to invest in Bitcoin, despite his advice against it. He added that many Bitcoin 2025 conference attendees cited him as the reason they purchased the apex cryptocurrency. Read Next: A must-have for all crypto enthusiasts: Sign up for the Gemini Credit Card today and earn rewards on Bitcoin Ether, or 60+ other tokens, with every purchase. Image Via Shutterstock/Frame Stock Footage This article Peter Schiff Says He'd Admit He Was Wrong On Bitcoin If He Wakes Up In A World Where... originally appeared on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Verge
12-06-2025
- Business
- The Verge
Switch 2 size comparison: Nintendo's latest up next to a whole lot of consoles
We've talked many times on The Vergecast about the dream of the perfect charger. We call it The God Cable, and imagine it would charge everything, at full optimized speed, no matter what you plug in. Well, one company tried to make it – sort of. TwelveSouth founder Andrew Green joins the show to talk about how his company developed its newest product, the PowerCord, and why actually the God Cable might be both impossible and a bad idea. After that, The Verge's Tina Nguyen joins the show to talk about her experience at Bitcoin 2025 in Las Vegas, the rise of $TRUMP, and how crypto and the government became so intertwined. Finally, we answer a question from the Vergecast Hotline about AI agents, and the tasks we should (and shouldn't) offload to our chatbots.
